When many people hear the words “long-term care,” they immediately think about nursing homes. But that’s rarely where such care begins. You can help clients plan for their later years by designing income strategies and plans that will help deliver an optimal experience as they age.
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Long-term care planning and longevity
Anticipate longevity and plan for its impact
92
A 65-year-old couple has a 50% chance of 1 of them living to this age.1
91%
Chance that 1 or both members of a 65-year-old couple will need LTC.2
67%
of survey respondents said they’d prefer to receive care in their own home.3
Help clients plan for the care they want as they age
Explain that Medicare and Medicaid have limits. Because Medicare does not cover long-term care, you have an opportunity to explain alternative coverage options to your clients. Medicaid is for those with very low assets or income, and generally covers care only in nursing homes. Most of your clients will want to stay in their own home as long as possible.
Encourage clients to imagine their ideal setting if they need extended care. What would be your client’s preferred caregiving scenario? Creative, proactive planning can help that scenario come true if it’s needed. A positive approach can make clients less resistant to talking about long-term care.
Make it a family conversation. These discussions can be difficult within families. You can help clients open the door to conversations with their adult children (or vice versa), creating a reassuring experience for all.
Consider our useful tips for launching the long-term care conversation. Read our six suggestions (PDF).
Why turn to Nationwide® as a trusted resource?
The Nationwide Retirement Institute’s long-term care and longevity program provides education and personalized reports to support both you and your clients. We conduct an annual survey that delivers insights on consumer knowledge and attitudes about long-term care.
We also have many resources to help you and your clients navigate the topic of long-term care.
This client-facing webpage can help you introduce the topic of LTC to clients.
Our continuing education (CE) courses touch on many retirement topics, including LTC.
Have a client that is already elderly? You can still serve them with empathy. Read our case study (PDF).
The Nationwide Retirement Institute Planning Team can assist with strategies, case design and income planning needs.
For more information about long-term care costs and longevity, view our many resources.
Real people and their long-term care stories
There are planning opportunities for long-term care at all stages of life. Watch as real people, who are in the middle of it, share their experiences
[1] Actuaries Longevity Illustrator, longevityillustrator.org/, (accessed April, 4, 2023).
[2] The Likelihood and Cost of LTC May Be Higher Than You Think, Robert Pokorski, Insurance Newsnet Magazine (Jan. 1, 2022).
[3] The Nationwide Retirement Institute(R) 2023 Long-term Care Survey, July 2023.
The information collected on the personalized Health Care Cost Assessment will be kept confidential and used to provide an estimate of a client's potential health care costs in retirement. The estimate is based on a client's specific financial situation and goals, as well as their current overall health condition. The client's financial situation and health conditions may change over time, and this may affect their future charges. Please keep in mind that the estimates resulting from this fact finder are for hypothetical purposes only and are not guaranteed. For more information on how Nationwide protects your personal information, visit our online privacy policy at nationwide.com/personal/privacy-security/.